Melt butter over medium heat in a 4 1/2-quart or larger pot. Meanwhile, peel and coarsely chop onion, adding to pot as you chop. Raise heat to medium-high and cook until onion begins to soften, about 2 minutes.
Add broth to pot, raise heat to high, bring to a boil, then reduce heat to medium. Meanwhile, cut cooked potatoes into bite-size pieces. Add potatoes, milk and sour cream to pot, and stir well. (Do not let soup boil once milk is added or it will curdle, so reduce heat if necessary.) Season with salt and pepper to taste. Simmer until heated through, 3 to 5 minutes more. Serve at once, garnishing with bacon bits and cheese, if desired.

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I have been a fan of yours for a long time. When I changed careers from teaching to banking, (with an hour-long commute one way), I knew I had to do something to get supper on the table quick. I picked up a copy of Desperation Dinners! over 10 years ago, and it is still one of my most used cookbooks.